Quadplex rehab and refi -- need credit guarantor or equity partner

[Jean-Marc L.]

I own a quadplex in TX that I am looking to rehab, refinance, and hold as STRs. I have two of the four units currently running as STRs that narrowly cover the property's expenses on their own, but the other two units are vacant and in need of renovation. I am a recent medical school graduate and do not have the funds necessary to renovate the remaining two units. My credit score is poor because I paid for the renovation of the first two units with a personal credit card and have been very slowly paying it off. I found a lender willing to loan the money needed for the rehab, but I do not have the credit score that they require. I am looking for a credit guarantor for that loan OR an equity partner to finance the rehab in exchange for a revenue and/or equity share as negotiated.

Current cap rate with just two units rented is 3%. The estimated cap rate with three and four units functioning is about 9% and 14%, respectively. The estimated rehab / furnishing costs for the last two units are 15k and 40k (55k in total for both).  Additionally, the entire property is a fixer-upper and a value-add opportunity.

I purchased this property last year at 410k with a 0% down physician loan with the appraisal coming in at 425k. With an estimated 100-120k invested into remodeling all four units, the estimated ARV is 600k+. These remodeling costs include the price of opening the last two units as STRs.

Please reach out if interested, thank you!